South of France regains market magnetism

Enzo Marchetti, an Associate at Enness International, has commented on the re-emerging attraction of top-end properties in the South of France.

“It’s not new to say that France, and especially the French Riviera, is a major hub in the luxury housing market of Europe.

“France has just emerged from a challenging five years, with major economic and political problems, but, thanks to recent election results, the time to look ahead has come and the future looks bright.”

With extensive tensions and worries in England with Brexit, HNWIs and UHNWIs have an increasingly strong interest in buying in the South of France as the London property market’s future appears less strong over a long-term basis due to diminishing yields and capital growth.

“The significant change in the political situation in France has had a resounding impact on the property market, Mr Marchetti stated. “Macron has brought a ‘fresher’ image to the country and residents feel increasingly confident in investing considerably more money in property.”

Economically speaking, Mr Marchetti says that France is forecast to enjoy a strong 1.7 percent GDP growth in the coming quarters, which once again shows how the newly-elected president has positively impacted the global country’s situation. “That being said, many European investors do consider France’s future as being the brightest in the EU.”

Mr Marchetti, added that from St-Tropez to Cap-Martin, passing by Cannes, St Jean Cap-Ferrat and Monaco, such places have always attracted the ‘super-rich’ and historically low rates have enticed them even more.

“In terms of mortgages, France is currently very competitive, structuring them in a way to optimise their wealth tax exposure. Low interest rates mean money is cheap and HNWs will not miss the opportunity to get it if they can.

Mr Marchetti stresses that international banks have also lowered their margins to attract further foreign investment and countries such as England are taking advantage of it.

“Buying a secondary or tertiary home in the Riviera is not just a very safe way of placing your money, but also a good opportunity to generate income. Taking Cannes as an example, the city offers a full-year event diary attracting celebrities and investors from all over the world.

“Incumbent countries such as Russia or the UAE have already settled down in the Riviera, so the million euro questions is, who are going to be the next big buyers of the South of France? And how are the banks going satisfy their financing needs best?”

Enness International is the specialist, high-end lending division of Enness, who last month hosted a party at Thirty Nine that celebrated both the company’s ten-year anniversary and the recent launch of their office in Monaco.

Erness caters for clients looking to acquire or refinance overseas property, specifically those located in France, Monaco, The Balearics and Switzerland. (Homepage image: Flickr Michael Gwyther-Jones)

[caption id="attachment_15723" align="alignnone" width="800"] A Ferrari F355 will be at auction. Photo: Lothar Spurzem[/caption]
Artcurial, the Paris-based auction house, is again expanding its presence in Monaco, this time with a biannual auction of prestigious cars.
The first Artcurial Motorcars will take place on July 2, with more than 100 vehicles going under the hammer at the Grimaldi Forum. The event will alternate with the Le Mans Classic.
Artcurial currently holds auctions in the Principality in January and July, centred on jewellery and watches.
However, this will not be the first time Artcurial is involved in selling top-end cars in Monaco. In 2012, the auction house sold a number of vehicles from the Prince’s collection, and then in 2014 sold two cars that previously belonged to Maria Callas, among others, at a sale at the Hermitage.
Among the cars being offered this July will be a Ferrari F355 that once belonged to Jean-Paul Belmondo and a Porsche RSR that was previously owned by Johnny Halliday. The catalogue will be available by the end of May.
While Paris remains the centre of Artcurial’s focus, the sale in Monaco is an attempt to capture a new market, the company says.

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[caption id="attachment_14590" align="alignleft" width="436"] Sophie Saurini of Barclays Monaco UHNW Wealth Manager in Spear's 500[/caption]
Director UHNW Barclays Wealth Management in Monaco, Sophie Saurini completed all her studies in French schools, including a Masters in Financial Markets from École des Hautes Etudes Commerciales (EDHEC).
Ms Saurini, who was born in Rome, discovered stock markets as a teenager, and at the time “couldn’t understand how people made money”. She decided to have a closer look at the markets’ function and even started to follow some French stocks, which were very much related to day-to-day life, such as entertainment and consumer products.
“Accordingly, my curriculum focused on Financial Markets,” Ms Saurini told Monaco Life. “Trying to find the best ideas and talking about this with people naturally led me towards the banking and finance world.”
Her focus also led her to New York at the age of 23, which she described as an amazing experience, adding, “As soon as I arrived there, I understood the real meaning of the word ‘business’.”
Sadly, the events of 9/11 made Ms Saurini’s time in the Big Apple even more memorable. “I had an appointment in the World Trade Centre the day of the 9/11 attacks,” Ms Saurini recalled. “Obviously I never went in the end. Since then, I feel like a survivor.”
Ms Saurini talked about how this day transformed her life and that she’s become a “fatalist”. “My mindset has changed completely. Now I always try to look at the positive side of things. I don’t see obstacles and problems as issues anymore, but more like challenges that will happen and that have to be overcome. I know that I just need to deal with them and continue on my path.”
These days Ms Saurini is a key team member at Barclays Monaco as Director UHNW Barclays Wealth Management and loves her job because “each day is very different” and allows her to meet a variety of very successful people. “Getting to know clients and trying to help them with their investments and their business is very exciting. Seeing a client happy makes me happy,” she said.
Ms Saurini, a loyal Financial Times reader, finds working at Barclays in Monaco “very pleasant”, stating, “We are a very dynamic team, we work in beautiful surroundings, and we build synergies with the whole international part of the group.” She adds, “The most rewarding part is when we manage to find the best solutions for our clients: to manage their assets in a good way, help them in their business and help them plan for their future.”
With more than sixteen years of banking industry experience, Ms Saurini says it’s “still a male environment, generally speaking” but pointed out that “I don’t feel it much in Barclays Monaco. In fact, the number of female staff in Barclays represents nearly half the workforce based in Monaco.”
Ms Saurini’s ranking in Spear’s 500 was made aware to me at a CREM evening, in a congratulatory kudos by Maryline Pierre. The Spear’s 500 listing is a “best in class” ranking, a total of 500 people pulled from various industries, such as lawyers, real estate agents, art dealers, bankers within UHNW segment and so forth. Ms Saurini was selected for the UHNW Wealth Managers. “Spear’s 500 is an honour for me, and a great reward for the hard work over many years in advising UHNWIs and growing my position as a private banker. It’s a nice recognition by the industry.”
For Ms Saurini, success is also about giving something back and she is involved with World Vision. “Through my network, I have been amazed to see that most of the very successful and wealthy entrepreneurs I’ve come across, on many occasions, have achieved their success in their own right … and are great philanthropists.
“Over long chats about “what will you leave behind when you are not there anymore”, I became very enthusiastic and started to think about what I would like to leave behind. During a trip to Malaysia to meet some contacts, I got in touch with World Vision and saw how, with some financing, we could help support entrepreneurship and have a positive impact on the economy of the poor villages over there. So I became involved in this project.”
Ms Saurini also said she’s passionate about health, and how to live longer and better. “I would have loved to be a doctor but I've never been able to stand the sight of blood.”
Article first published March 28, 2017.